HFF closes $10 million sale of CVS-anchored shopping center in West Hartford, Connecticut

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Printer-friendly versionPrinter-friendly versionPDF versionPDF version  BOSTON, MA - August 11, 2014 – HFF announced today that it has closed the sale of Boulevard Shops, a 24,600-square-foot, CVS-anchored shopping center in West Hartford, Connecticut. HFF’s Boston retail investment sales team marketed the property exclusively for the seller, HPE Boulevard LLC, an affiliate of Hirschfeld Properties LLC. Lerner Properties LLC purchased the center for $10.028 million free and clear of existing debt. Boulevard Shops is situated on 1.82 acres at 463 Prospect Avenue at the intersection of three of the area’s major roadways, Boulevard, West Boulevard and Prospect Avenue. This places the property in the epicenter of a residential community in the greater Hartford area. The outdoor center is 93.5 percent leased to several national and regional tenants, including CVS, UPS Store, H&R Block, Sprint and Santander Bank. “We are very excited about this acquisition as we believe it’s a strong addition to our portfolio,” said Jason Lerner of Lerner Properties. “This is our first property in Connecticut, and we’re looking forward to further expanding our portfolio in Connecticut and other states in the New England region as well.” Hirschfeld Properties LLC is a fully-diversified real estate developer engaged in the development, leasing, management and ownership of multifamily residential communities, shopping centers, office buildings and hotels throughout the United States. The company also develops mixed-use projects which integrate all four of these project types and acquires select existing income-producing property. Learn more at hirschfeldproperties.com. Headquartered in Englewood Cliffs, New Jersey, Lerner Properties prides itself on its consistent success and achievements in an ever-changing commercial real estate environment. Through multi-generational, single-family ownership, Lerner Properties has been able to maintain a solid sense of tradition and leadership. They develop, own and manage a portfolio of strategically-located open-air shopping centers and retail properties in high barrier-to-entry markets. Through a "hands-on" management approach, Lerner Properties is able to optimally achieve the highest potential for its end users. Find out more at lernerproperties.com. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff. News Source : HFF closes $10 million sale of CVS-anchored shopping center in West Hartford, Connecticut
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